ATLANTA – SunTrust Community Capital (STCC), a subsidiary of SunTrust Banks, Inc. (NYSE: STI), announced that it has arranged for $16 million of New Markets Tax Credits allocation in partnership with National Trust Community Investment Corporation (NTCIC) to fund the new home of CARITAS. The project will consist of a renovation of a 150,000 square foot historic manufacturing facility located in South Richmond. CARITAS has provided effective, permanent solutions to the crisis of homelessness and/or addiction for more than 30 years.
“CARITAS has a legacy of community-building that inspires and engages the most vulnerable citizens in Richmond. This financing will help them create a new and efficient space to deliver their programs to community members,” said Vanessa Hampton, senior vice president at SunTrust.
“We’ve been dreaming of this project for a long time,” said Karen Stanley, CEO of CARITAS. “Creative and strategic partnerships have helped make the CARITAS Center a reality. We’re grateful for SunTrust’s support and look forward to serving more men and women in need.”
“NTCIC is thrilled to facilitate key components of the financing needed for CARITAS to enhance and expand their high-quality services to individuals in critical need of assistance.” said Merrill Hoopengardner, president of National Trust Community Investment Corporation.
Once completed the site will feature a number of programs to benefit the community and its citizens, including:
- CARITAS: The organization’s administrative offices will be centralized at this site.
- The Healing Place for Women: The only substance use recovery program available to low-income women in the region.
- 47-Sober Living Apartments: For graduate’s transition and for qualifying community members.
- Furniture Bank: A social entrepreneurship enterprise accepting furniture donations and refurbishing them for sale or donation to low-income households.
- Emergency Shelter: This new facility will replace the mobile, congregation-based model that has operated in Richmond for more than 30
- CARITAS Works: A workforce development program for men and women facing significant barriers to employment.
- Homeward – Richmond: A portion of the space will be occupied by Homeward, which operates the continuum of care for the region.
About SunTrust Banks Inc
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2018, SunTrust had total assets of $216 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
About SunTrust Community Capital (STCC)
STCC is a wholly owned subsidiary of SunTrust Bank. STCC provides debt and equity capital for real estate projects and businesses that economically benefit communities throughout the SunTrust footprint. STCC leverages several tax credit programs, including low income housing tax credits, new markets tax credits, and historic tax credits to deploy capital for commercial real estate developments including multifamily, office, industrial, retail and various other community facilities. Through STCC, SunTrust has deployed over $5 billion to finance more than 55,000 units of affordable housing for families and seniors along with other community development projects that have created more than 20,000 jobs.
About National Trust Community Investment Corporation (NTCIC)
National Trust Community Investment Corporation (NTCIC) enables tax credit equity investments that support sustainable communities nationwide. NTCIC places qualified tax credits for federal and state historic (HTC), new markets (NMTC), solar (ITC) and low-income housing (LIHTC) projects. Since its inception in 2000, NTCIC has provided tax credit financing of over $1.4 billion in capital for HTC, NMTC, ITC, and LIHTC investments for 175 transactions with over $5.4 billion in total development costs. NTCIC is the historic tax credit industry’s leading advocate for improving and expanding the use of federal HTCs having organized and chaired the Historic Tax Credit Coalition since 2009. NTCIC also pioneered the “twinning” of HTCs and NMTCs in 2003 and has now invested $488.6 million in 76 NMTC transactions.
United by our compassion, CARITAS helps our most vulnerable neighbors break the cycles of homelessness and addiction to reclaim their dignity. For more than 30 years, CARITAS has been providing effective, permanent solutions to individuals and families dealing with the crisis of homelessness and/or substance use disorder in the Metro Richmond area. Its four programs include Emergency Shelter, the Furniture Bank, CARITAS Works, and The Healing Place. Through these four programs, CARITAS provides men and women with the tools to make a successful transition to dignity and self-sufficiency. You can learn about all four on the organization’s website at www.caritasva.org.